We’ve heard a lot about the branch transformation in the last few years and a lot of focus has been on the physical redesigning of bank branches… but what about the driver of interaction and transactions within bank and credit union branches? Your employees.
Employee communication is an important and often overlooked aspect of the branch transformation. Employees who understand their role within a business are overall happier in the workplace, work harder, stay with the company longer, have less work-place accidents and generate more revenue.
Siemens reports that a business with 100 employees has an average of 17 hours of downtime a week trying to clarify communication; that downtime translates into an annual average cost of $528,443. Especially in the banking industry, where policy and regulation can change frequently, communication with employees is critical. Employee Communication Digital signage allows you to make changes to content and information remotely; you can stream content to branches that need to know any new information.
Engaging with employees via digital signage is simple
But the money lost on unengaged employees goes further than just downtime… The Work Foundation found that a 10% increase in practices related to engagement increased profits by an average of $2,400 per year for each employee. Imagine what that could do for your branch. Engaging with employees via digital signage is simple. Boost morale in the office by posting team photos and information about any charitable initiatives. Show your employees that your branch is making a difference in the neighborhood; this can help connect your employees to your brand.
Speaking of connected employees, companies with engaged-employees have a higher retention rate. The IO Partners annual Employee Retention Report found that 70% of companies say that talent retention is their top HR challenge. Keeping employees with your bank or credit union will save you time in training and money; another cost saving measure for your branch.
Safety is another important aspect of employee communications and you can utilize digital signage to post reminders about workplace safety to ensure that your employees know what to do in case of an accident or an emergency.
Generates more revenue
Implementing digital signage for employee communication generates more revenue. Global professional services company, Towers Watson found that companies with highly effective internal communications had 47% higher total returns to shareholders. So if there were a solution to make it easier to communicate with employees across multiple locations, why wouldn’t you implement that solution?